Brand management, and more specifically, the aim of building brand equity, is now seen as the single most important challenge for CMOs and CEOs across all industry sectors.
The problem, however, is that very few marketers or brand managers are aware of how to manage a brand, and those that have a little knowledge, struggle with taking an objective step back to diagnose their brand’s market orientation and to apply remedial strategic thinking.
Some marketers will have a strong gut feeling for one or two areas where their brand excels, others will recognise the elements of their brand which really need some help. The vast majority though, will struggle to identify (or even allocate time to find out) the key factors impacting their brand’s performance.
Below is a list of the 10 most relevant traits found in the world’s strongest brands…use it as a guide to shape your own brand management processes, tools and techniques.
1. The brand excels at delivering benefits the customer desires
2. The brand manages to stay relevant over time
3. The pricing strategy is based on consumer perceptions of value
4. The brand is clearly positioned for each segment
5. The brand is consistent across every touch point
6. The brand portfolio and hierarchy make sense
7. The brand uses a full repertoire of marketing activities to build equity
8. The brand’s managers understand what the brand means to consumers
9. The brand is given proper support, sustained over the long run
10. The company monitors sources of brand health and brand equity
Credit: Kevin Keller, Harvard Business Review
Marketing Lab is a brand management and marketing consultancy working with regional, national, and international businesses to mitigate marketing investment risk, ensuring more informed decisions are made with a view to improving sales and profitability, growing market share, and building brand equity. Request a FREE 30-minute brand management consultation.